Encroachment

Encroachment –possessory right to property of another – acquired through time (20 years or mote)

Fixtures 

–Chattels permanently attached to real property

-- Are considered part of property

Title to land

1. Joint tenant –right if survivorship

           - Equal ownership

1. Tenants in Common   - (when you die) interest goes according your will

                   - Can have unequal interests i.e. 25%, 75%

PEI has land registry office

• One registry in each country
• To own land, must establish chain of title back at least 40 years

Mortgages

- Agreement between debtor + creditor in which title is transferred to creditor as security for payment

1.  ① transfer of title of mortgagor’s property to mortgagee(back)
2.  ② mortgagor retains possession until debt paid
3.  ③ contains provisions providing for transfer of title back to mortgagor when debt paid
4.  ④ imposes conditions on mortgagor to maintain property
5.  ⑤ contains provisions that permit mortgagee to terminate mortgagor’s rights in event of default

1. Most common - 1st mortgage or “legal mortgage”

   Owners transfers title as security for loaw.

   Mortgagor is left with possession and right to redeem when debt is paid

1. Can also pledge property for 2nd mortgage

Or “ equitable mortgage” – mortgaging “ equity of redemption

House worth 110,000                Date    Registered

1st mortgage 400,000 RBC          Aug 5th    Aug 7th 

2nd mortgage 200,000 BMO         Aug 4th    Aug 9th 

3rd mortgage 200,000 scotia bank

Mortgagor’s right

1. Right to possession, provided you comply with mortgage
2. Right to re-conveyance of title when debt paid

Mortgagor’s obligation

1. Pay mortgage
2. Pay property taxes
3. Insure property re fire
4. Not damage property

Discharge

• When mortgager pays principal + interest, is entitled to discharge. When registered, is re conveyance of title to mortgagor.

On default of any term, mortgagee can call for immediate payment of all principal + interest owing

Power of sale (mortgage sale)

• If you default, bank can sell property at public auction
• Must give 4 weeks notice
• Notice is placed in newspaper for 4 consecutive weeks
• Held at courthouse in county where property located
• Conducted by sheriff
• Bank can sell properly to recoup what is to them, plus any legal costs
• Money left over, goes to mortgagor
• If bank receives less than owed, bank can sue for difference.
• if property doesn’t sell, bank can list it for sale.

Building mortgages

3 installments

Land development mortgages

CH4

Tort law – wrongs between individuals (private wrongs)